REPORT: Canadian Economy Loses 51,600 Jobs, Unemployment Rate Rises

Canadian Dollar falls following jobs report.

The Canadian economy shed 51,600 net jobs, a far cry from economists predictions that 5,000 jobs would be created.

The unemployment rate rose to 6%.

Overall, there were 92,000 part-time jobs lost, which was somewhat offset by 40,400 full-time jobs being created.

As BNN Bloomberg said, “the overall picture is one of a labour market gearing down markedly from last year…”

The jobs report is expected to slow down the pace of interest rate hikes from the Bank of Canada.

While the Trudeau government will surely downplay this jobs report, the reality is that it is the second-worst jobs report since the last recession in country.

Additionally, wage growth slowed to the lowest level in 2018.

Wage growth for permanent employees was down to 2.6%, the worst since October of 2017.

After the report came out the Canadian dollar fell 0.3%.

This jobs report is the latest example that Justin Trudeau’s economic policies – and his disastrous expansion of regulations that is destroying confidence and driving investment out of our country – is causing damage to the Canadian economy, and taking us down a dangerous economic path. And with our energy industry facing chaos and disloyalty from the government, things are only getting worse.

Spencer Fernando

Photo – YouTube

5
Share Your Thoughts

avatar
5 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
5 Comment authors
Wallace KlinckDelJenSteveRon Voss Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Ron Voss
Guest
Ron Voss

“And with our energy industry facing chaos and disloyalty from the government, things are only getting worse.”
How about disloyalty of our high-paid energy industry leaders to Canada and indifference to lost livelihoods for their workers?

How big oil helped create “Leave it in the Ground” legislation by another name
https://www.therebel.media/how_big_oil_helped_create_leave_it_in_the_ground_legislation_by_another_name

Steve
Guest
Steve

The Trudeau Liberal spin will be the unemployment numbers will balance themselves!

Jen
Guest
Jen

Again, Everything jihadi Justin and his mps do that is detrimental to our nation can’t be done without the media manipulating the news to aid jihadi trudeau and the liberals disaster to Canada.
PMSH WARNED US ABOUT JUSTIN TRUDEAU.

Del
Guest
Del

Meanwhile, in the United States: Jobless claims fell last week even further to a new post-1969 record of 203,000. This is the lowest level for initial claims for state unemployment benefits since December 6, 1969 when it was 202,000. The 4-week moving average, considered a better gauge of the labor market because it smooths out week-to-week volatility, fell to 209,500 from 212,250. This is the lowest level for this average since December 6, 1969 when it was 204,500. Jobless claims have been closely watched in recent weeks for signs that trade disputes might weigh on the jobs market. To the… Read more »

Wallace Klinck
Guest
Wallace Klinck

The creation of “jobs”, per se, is not the goal of rational economics–which is to produce goods and services as, when and where required or desired with maximal efficiency entailing the most rapid possible elimination of human labour as a diminishing cost factor of production. Distribution is a different matter. Today we attempt to facilitate the acquisition of consumer goods by contracting increasing bank debt as a mounting mortgage upon future production. The new money required to allow consumers full access to consumer goods should not be created as debt owing to the banks. It should be created without debt… Read more »